Rating action     MARC has affirmed Grand Sepadu (NK) Sdn Bhd’s (Grand Sepadu) rating for its RM210 million Sukuk Murabahah Issuance at AA-IS with a stable outlook.Rationale     The affirmation reflects Grand Sepadu’s adequate cash flow coverage, underpinned by the relatively stable traffic performance of the New North Klang Straits Bypass (NNKSB). The rating also...

Rating action     MARC has affirmed its AA-IS rating on Southern Power Generation Sdn Bhd’s (Southern Power) Sukuk Wakalah of up to RM4.0 billion with a stable outlook. Southern Power was established to develop a 2x720MW combined-cycle gas-fired power plant in Pasir Gudang. It is 70% directly and indirectly owned by Tenaga Nasional Berhad (TNB) while the remaining is held by SIPP ...

Rating action     MARC has assigned a corporate credit rating of A+ to Yinson Holdings Berhad (Yinson) with a stable outlook.Rationale     The assigned rating incorporates Yinson group’s strong business profile in providing floating, production, storage and offloading vessels (FPSOs) for the upstream oil and gas (O&G) industry. The group has long-term earnings v...

Rating action     MARC has affirmed its A+IS(s) rating on Projek Lintasan Sungai Besi – Ulu Klang Sdn Bhd’s (PLSUKE) Sukuk Wakalah Programme of up to RM2.0 billion, with a stable outlook. MARC has also affirmed its AAAIS(fg)/Stable rating on PLSUKE’s Danajamin-Guaranteed Facilities (Danajamin-Guaranteed Sukuk) of up to RM500.0 million. Danajamin Nasional Berhad (Danajamin) car...

Rating action     MARC has affirmed its ratings on Ranhill Powertron II Sdn Bhd’s (RPII) RM90.0 million outstanding Islamic Medium-Term Notes (IMTN) at AAIS and RM350.0 million outstanding guaranteed IMTN at AAAIS(fg). The outlook on the ratings is stable.Rationale     The AAIS rating reflects favourable terms under the Power Purchase Agreement (PPA) which allocate ...

Rating action    MARC has upgraded the rating on Kimanis Power Sdn Bhd's (KPSB) outstanding RM650.0 million Sukuk Programmes (sukuk) to AAIS from AA-IS. The rating outlook is stable. Rationale     The rating upgrade is premised on the consistently strong operational performance of KPSB’s 285-megawatt (MW) combined-cycle gas-fired power plant at Kimanis Bay in S...

Rating action     MARC has affirmed its AA-IS rating on Sinar Kamiri Sdn Bhd’s (Sinar Kamiri) RM245.0 million Green Sustainable and Responsible Investment (SRI) Sukuk Wakalah. The rating outlook is stable. Sinar Kamiri is a special purpose project company that owns and operates a 49.0MWac solar power plant (SPP) in Sungai Siput, Perak.Rationale     The rating affirm...

Rating action     MARC has affirmed its BBB-IS rating for Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) and revised the outlook to negative from stable.Rationale     SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and De...

Rating action     MARC has assigned final ratings of MARC-1IS /AAIS to Cellco Capital Bhd’s (Cellco) proposed RM520 million issuance (Issue 1) under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable.Rationale     Cellco is a special-purpose entity set up to rai...

Rating action     MARC has upgraded Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk rating to AA-IS from A+IS. The total outstanding sukuk amount stands at RM905.0 million. MARC has concurrently revised the rating outlook to stable from positive.Rationale     The rating upgrade incor...